What smart money is saying about Palo Alto Networks
5 funds in our archive have pitched Palo Alto Networks, most recently Tran Capital Management Partners Strategy in June 2026.
Palo Alto Networks, Inc. is a global leader in providing advanced cybersecurity solutions. The company's core product line includes both hardware and software-based firewalls. It also offers Panorama, a sophisticated security management platform designed for centralized control of these firewall deployments, whether they are physical appliances, virtual instances, or situated in public or private cloud environments. Additionally, the firm provides virtual system upgrades to enhance the capacity of its physical firewall units. Complementing its core products, Palo Alto Networks delivers an extensive range of subscription services. These encompass robust threat prevention, protection against malware and advanced persistent threats, URL filtering, and security for both laptop and mobile devices. Further specialized subscriptions include DNS security, Internet of Things (IoT) security, SaaS security (via API and inline methods), threat intelligence, and data loss prevention. Beyond its product and subscription offerings, the company extends various expert services, such as cloud security, secure access solutions, security analytics and automation tools, and specialized cybersecurity consulting, often integrated with threat intelligence. Its professional services cover critical areas like architectural design and planning, system implementation, configuration, and seamless firewall migration. Educational resources, including certifications and both online and in-classroom training, are also available, alongside comprehensive support services. Palo Alto Networks distributes its security solutions both directly and through an extensive network of channel partners. Its diverse clientele primarily comprises medium to large-scale enterprises, service providers, and governmental organizations across a wide array of industries. These sectors include education, energy, financial services, healthcare, internet and media, manufacturing, the broader public sector, and telecommunications. Established in 2005, Palo Alto Networks maintains its corporate headquarters in Santa Clara, California.
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Fund signal · last 12 months
34 lettersFunds are split between buying and selling
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q2 2025 and Q3 2026, 35 fund letters reported a position in Palo Alto Networks, with 5 buys (opened or added) and 4 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 14 | 0 | 3 | 0 |
| Q2 2026 | 13 | 2 | 1 | 2 |
| Q1 2026 | 2 | 2 | 0 | 1 |
| Q4 2025 | 5 | 0 | 0 | 0 |
| Q3 2025 | 1 | 1 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 35 positions · 15 moves
- September 2026
“Our portfolio of direct and indirect AI beneficiaries also saw companies like Palo Alto Networks (PANW) re-rate higher on rising security and monitoring needs as we enter the age of AI agents.”
Palo Alto Networks - September 2026
“Palo Alto Networks Global provider of network & cloud-based cybersecurity systems 2.49”
Palo Alto Networks - September 2026
“We trimmed our positions in Datadog Inc and Palo Alto Networks Inc during the quarter supported by our upside/downside valuation analyses.”
Palo Alto Networks - September 2026
“Palo Alto Networks Return: +17% · Avg. Weight: 8% · Total Effect: +185 bps PANW provides cybersecurity platform solutions. The company closed out its fiscal year exceeding quarterly expectations across revenues and earnings, highlighted by next-generation security annual recurring revenue that easily surpassed expectations and nearly doubled year-over-year. We reduced the position on its price strength.”
Palo Alto Networks - September 2026
“Palo Alto Networks Inc (PANW), a leading cybersecurity platform company, was also a strong contributor during the quarter.”
Palo Alto Networks - September 2026
“Palo Alto Networks (Enhancing digital security) was sold following a strong share-price rally that took the stock to our five-year price target.”
Palo Alto Networks - September 2026
“Palo Alto Networks (Enhancing digital security) was sold following a strong share-price rally that took the stock to our five-year price target.”
Palo Alto Networks - September 2026
“Palo Alto Networks (Enhancing digital security) was sold following a strong share-price rally that took the stock to our five-year price target.”
Palo Alto Networks - September 2026
“Palo Alto Networks (Enhancing digital security) was sold following a strong share-price rally that took the stock to our five-year price target.”
Palo Alto Networks - September 2026
“Palo Alto Networks (Enhancing digital security) was sold following a strong share-price rally that took the stock to our five-year price target.”
Palo Alto Networks - September 2026
“Palo Alto Networks (Enhancing digital security) was sold following a strong share-price rally that took the stock to our five-year price target.”
Palo Alto Networks - September 2026
“Palo Alto Networks (Enhancing digital security) was sold following a strong share-price rally that took the stock to our five-year price target.”
Palo Alto Networks - September 2026
“Largely offsetting the above, solid stock selection effect in Health Care (Agilent Technologies, Inc., Divi's Laboratories Limited, and Zai Lab Limited) and Financials (Mitsubishi UFJ Financial Group, Inc. (MUFG), Japan Exchange Group, Inc., and Piraeus Bank S.A.) contributed to relative performance during the quarter. Finally, favorable allocation effect together with good stock selection in the Information Technology sector (Centum Electronics Limited, ISC Co., Ltd., Shopify Inc., HPSP Co., Ltd., and Palo Alto Networks, Inc.) also bolstered relative results.”
Palo Alto Networks - September 2026
“Unlike the AI-fueled semiconductor rally last quarter, our portfolio’s performance in the third quarter was broader based. The iShares Semiconductor ETF (SOXX) returned -11% in 3Q after almost doubling in 2Q as investors digested headlines around competition from China-based open-source AI models, the slowdown in data center and power plant approvals, and concerns of AI safety and AI “doomerism”. We continue to be invested in the picks and shovels of the AI buildout, from chip designers like Arm Holdings (ARM) to power and infrastructure providers like Talen Energy (TLN), among others. Our portfolio of direct and indirect AI beneficiaries also saw companies like Palo Alto Networks (PANW) re-rate higher on rising security and monitoring needs as we enter the age of AI agents.”
Palo Alto Networks - June 2026
“The Fund’s top performer was Palo Alto Networks (+111%) which saw its shares rise strongly over the period, supported by improving sentiment towards cybersecurity and AI-related security spending.”
Palo Alto Networks - TrimmedBuffalo Funds Growth FundJune 2026
“Palo Alto Networks was also a top contributor for the quarter. After a lackluster first quarter cybersecurity came roaring back this period. The portfolio’s overweight position to Palo Alto contributed over 1% to the fund’s return in the quarter. The market began focusing on the idea that increased penetration of Agentic AI and utilization of Chinese open-source models, is going to drive much higher attach rates for existing security vendors. Within the cybersecurity world, it’s much more likely that incumbent software vendors will leverage their strong reputation and overlay AI over the top of their existing software solutions to protect enterprises from a broadening attack surface. The price for trialing an AI native in the security space is enormous. We trimmed the investment slightly after the close of the quarter but continued to maintain a large position in Palo Alto Networks.”
Palo Alto Networks - New positionBrown Advisory Large-Cap Growth StrategyJune 2026
“Palo Alto Networks Inc and Datadog Inc also contributed meaningfully, reinforcing the importance of the portfolio changes made earlier in the year. We initiated Palo Alto Networks Inc during the first quarter, attracted by its leadership in cybersecurity and its ability to consolidate multiple security capabilities within a unified platform. During the second quarter, shares benefited from stronger execution”
Palo Alto Networks - June 2026
“Cybersecurity and data observability holdings Palo Alto Networks Inc and Datadog Inc both more than doubled during the quarter. As a reminder, we purchased Palo Alto Networks Inc during the first quarter driven by a sell-off that was both software-driven and company-specific.”
Palo Alto Networks - June 2026
Listed in Liontrust Sustainable Future Defensive Managed Fund’s reported holdings.
Palo Alto Networks - June 2026
“The Fund’s top performer was Palo Alto Networks (+111%) which saw its shares rise strongly over the period, supported by improving sentiment towards cybersecurity and AI-related security spending.”
Palo Alto Networks - June 2026
“The Fund’s strongest performers over the quarter were all closely tied to the ongoing AI and semiconductor investment cycle: Palo Alto Networks, Advantest, ASML and ARM.”
Palo Alto Networks - June 2026
Listed in Liontrust GF Sustainable Future US Growth Fund’s reported holdings.
Palo Alto Networks - June 2026
“Portfolio review The Fund’s top performer was Palo Alto Networks (+111%) which saw its shares rise strongly over the period, supported by improving sentiment towards cybersecurity and AI-related security spending.”
Palo Alto Networks - June 2026
Listed in Liontrust GF Sustainable Future Multi-Asset Global Fund’s reported holdings.
Palo Alto Networks - June 2026
“When markets sold off earlier this year, we held conviction in our portfolio companies and selectively added to our positions.”
Palo Alto Networks - June 2026
“Palo Alto Networks (PANW) also contributed meaningfully to our performance. Palo Alto Networks is a long-time holding in our strategies.”
Palo Alto Networks - June 2026
“Palo Alto Networks is a long-time holding in our strategies.”
Palo Alto Networks - New positionBrown Advisory Large‑Cap Sustainable GrowthMarch 2026
“Within Software, we have been intentional in our re- positioning over the past two years, lowering exposure to those businesses at greatest risk of potential AI disruption, including strictly user-based models, creative and design software, and businesses usually reliant upon new customer growth. We’ve also leaned into investments in companies that possess high-value proprietary data sets and offer mission-critical solutions across data infrastructure, observability and physical internet of things (IOT) integration. During the first quarter, we added cybersecurity to this list with our purchase of Palo Alto Networks (PANW).”
Palo Alto Networks - AddedLarge-Cap GrowthMarch 2026
“During the quarter, we continued to refine the portfolio, particularly within software, where competitive dynamics are evolving rapidly. Our focus has been on owning businesses with durable, mission-critical offerings and strong competitive positioning—companies that provide essential solutions their customers rely on to operate day-to-day, serve markets with limited technical expertise, or play a critical role in enabling broader technological development. This is reflected across our software exposure, including long-standing holdings such as Autodesk, Inc (ADSK), as well as more recent additions such as Cadence Design Systems, Inc (CDNS), Samsara, Inc (IOT), and Palo Alto Networks, Inc (PANW) (added this quarter).”
Palo Alto Networks - December 2025
“Within the Strategy’s information technology (IT) exposure, software and services names were weaker. ServiceNow continued to deliver solid results, but the market’s caution on software and focus on AI-driven growth weighed on the shares. Palo Alto Networks fell primarily due to investor concerns over its two recently announced acquisitions, the strategic fit and the integration risk of assimilating two deals in a short span of time.”
Palo Alto Networks - December 2025
“Palo Alto Networks is evolving from a focus on network security to a broader, cloud-delivered platform that helps customers secure complex hybrid environments.”
Palo Alto Networks - December 2025
“Within our global strategies, we own several leaders that we believe are well-positioned for this long-term demand. Palo Alto Networks is evolving from a focus on network security to a broader, cloud-delivered platform that helps customers secure complex hybrid environments.”
Palo Alto Networks - December 2025
“Cyberattacks have become more frequent and costly. They have also become increasingly sophisticated. As more activity moves to the cloud and as AI tools spread, the attack surface for enterprises, governments, and individuals grows in scale and complexity. Security is no longer a discretionary budget item. It is a core operating requirement and a foundation for trust with customers, regulators, and partners. Within our global strategies, we own several leaders that we believe are well-positioned for this long-term demand.”
Palo Alto Networks - December 2025
“Within our global strategies, we own several leaders that we believe are well-positioned for this long-term demand. Palo Alto Networks is evolving from a focus on network security to a broader, cloud-delivered platform that helps customers secure complex hybrid environments.”
Palo Alto Networks - New positionMairs and Power Growth FundSeptember 2025
“Third Quarter Results September 30, 20255Growth Fund | MPGFX portfolio to benefit from this powerful technological shift, but we’ve also integrated AI into our own investment process. We use AI tools to automate portions of our due diligence, research, and portfolio monitoring efforts. This creates greater efficiency in gathering information without inhibiting the decision-making process. That said, AI is no longer an emerging story but a well-recognized force, and many of the leading AI-related stocks now appear generously valued. In keeping with our disciplined approach, we have selectively trimmed positions where enthusiasm seems to have outpaced fundamentals. The excitement surrounding AI has extended beyond technology stocks as well. AI data centers are massive consumers of power and are expected to drive substantial long- term demand for utilities, as well as for the companies that provide critical equipment to support the power grid. Outside of AI-related investment, however, the broader economy has remained sluggish. Unsurprisingly, sectors not directly or indirectly linked to AI have underperformed, and our overweight positions in Health Care and Materials detracted from relative performance. Conversely, stock selection was a bright spot for the Fund during the quarter, as several early-year laggards rebounded, most notably UnitedHealth Group, and newer additions such as Taiwan Semiconductor Manufacturing Company (TSMC) delivered impressive returns. During the third quarter, we added two new positions to the portfolio: Cognex Corporation and Palo Alto Networks.”
Palo Alto Networks
Also mentioned · 5
These funds discuss Palo Alto Networks as a competitor, benchmark or comparable, without disclosing a position in it.
- June 2026
“Portfolio Highlights The ClearBridge Appreciation Strategy underperformed the benchmark S&P 500 Index in the second quarter of 2026. On an absolute basis, the Strategy had positive contributions from eight of 11 sectors. The IT sector was the main positive contributor, while energy was the main detractor. In relative terms, stock selection and sector allocation detracted. Stock selection in IT, industrials, communication services, financials and consumer discretionary, overweights to materials and energy and an IT underweight detracted the most. Conversely, stock selection in materials and a consumer discretionary underweight were beneficial. On an individual stock basis, the biggest relative contributors during the quarter were ASML, Palo Alto Networks, ASM International, an underweight to Microsoft and not owning Palantir.”
Palo Alto Networks - June 2026
“In particular, stock selection in the communication services, health care and industrials sectors, overweights to the communication services and materials sectors and an underweight to the IT sector weighed on results. On the positive side, stock selection in the IT, consumer discretionary and consumer staples sectors, along with an underweight to consumer staples, contributed to performance. On an individual stock basis, the largest relative detractors included Netflix and Intuitive Surgical as well as not holding Advanced Micro Devices, Lam Research and KLA. The largest relative contributors were Palo Alto Networks, ASML, Taiwan Semiconductor Manufacturing, Datadog and an underweight to Microsoft.”
Palo Alto Networks - MentionedGuinness Global Innovators FundJune 2026
Named in a table in Guinness Global Innovators Fund’s letter.
Palo Alto Networks - June 2026
“We exited Zscaler when its core business decelerated faster than we expected. We have growing concern around an intensifying competitive environment as Cloudflare (a current holding) maintains momentum and the larger Palo Alto competes with scale and a broad product portfolio.”
Palo Alto Networks - MentionedEmerald Wealth Partners AGMay 2026
“As a result, meeting requests from clients have risen sharply since, feedback that we had heard before from Fortinet and Palo Alto.”
Palo Alto Networks
Fund coverage · 5 theses
Palo Alto Networks sells cybersecurity platforms and is viewed as a long-term share gainer thanks to platformization and secular security demand.
Read the full thesis- Buffalo Funds Growth FundJune 2026
Palo Alto Networks benefits from higher attach rates driven by AI, with incumbents favored over costly AI-native security entrants.
Read the full thesis - Large-Cap GrowthMarch 2026
Palo Alto Networks is a cybersecurity leader with a broad platform, strong cash flow, and durable growth potential.
Read the full thesis - Mairs and Power Growth FundSeptember 2025
Palo Alto Networks is a leading cybersecurity company that provides comprehensive solutions to protect organizations from increasing digital threats and evolving attack vectors.
Read the full thesis - Sands Capital Technology InnovatorsJune 2025
Palo Alto Networks is a leading cybersecurity platform with strong growth potential in Next-Generation Security, driven by the increasing importance of AI in cybersecurity.
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